FOR IMMEDIATE RELEASE 98-40
ELAINE M. CACHERIS, DIRECTOR OF THE COMMISSION'S
PACIFIC REGIONAL OFFICE, TO LEAVE THE WEST COAST
Los Angeles, California, April 16, 1998 -- Elaine M.
Cacheris, Director of the Securities and Exchange
Commission's Pacific Regional Office today announced that
she will be leaving her position at the end of May to
relocate to Washington, D.C.
As Regional Director, Ms. Cacheris oversees Commission
offices in Los Angeles and San Francisco and is responsible
for the administration of the agency's enforcement and
regulatory programs on the West Coast. Ms. Cacheris was
appointed by former Chairman Richard C. Breeden in February
1992, and is currently the Commission's longest serving
regional director.
During her tenure, Ms. Cacheris directed a number of
high profile investigations and prosecuted some of the
Commission's most significant enforcement cases. Recently,
Ms. Cacheris has led the Commission's on-going investigation
into the financial collapse of Orange County, and was
responsible for the landmark enforcement actions against the
County, its officials, and underwriter, CS First Boston.
Ms. Cacheris was also instrumental in drafting the
Commission's Report of Investigation concerning Orange
County and its Board of Supervisors. This report has been
widely recognized as a watershed pronouncement on the
disclosure obligations of municipal governments under the
federal securities laws.
Under Ms. Cacheris' leadership, the Pacific Regional
Office also led an aggressive examination program and
pursued a variety of cases against regulated entities and a
series of significant cases involving pension
administrators. Several important enforcement actions were
also initiated against company insiders for financial fraud
and insider trading in the securities of LA Gear, Wilshire
Technologies, California Micro Devices and IDB
Communications.
(more)
At the time of her appointment, Ms. Cacheris was
involved in the Commission's prosecution of California money
manager Steven Wymer, who engaged in a scheme to defraud a
number of local governments of more than $100 million. The
Commission's investigation also resulted in Wymer's
indictment on 30 felony counts and more than a dozen other
civil or administrative actions against Wymer's accomplices
and associates.
Ms. Cacheris said, "I feel fortunate to have had such a
challenging and rewarding position. I would like to
recognize and thank the enormously talented and dedicated
staff in the Pacific Regional Office, all of whom I will
greatly miss."
Ms. Cacheris began her career with the Commission in
1984 as a staff attorney in the agency's Fort Worth office,
transferring to Los Angeles in 1987. In Los Angeles, she
rose through the ranks to become head of the region's
enforcement program, prior to her appointment to the
region's top post. Before joining the Commission staff, Ms.
Cacheris was an Assistant Attorney General for the State of
Texas and also in private practice.
William McLucas, the outgoing Director of the Division
of Enforcement, who has worked with Ms. Cacheris for more
than a decade said: "Elaine Cacheris has done an
outstanding job in leading the Commission's enforcement and
regulatory programs in the Pacific Regional Office over the
past six years. She has helped to spearhead the
Commission's efforts to clean up the municipal securities
markets and has kept the Commission in step with both
investors and the markets in one of the fastest growing
areas of the country. She will be difficult to replace."
Chairman Levitt said: "Laws and regulations may be the
tools we use, but the Commission depends on talented
individuals such as Elaine Cacheris to effectively use those
tools to protect investors. Elaine is a superb attorney,
whose management and leadership skills have set new
standards for quality and thoroughness. On behalf of the
Commission, I thank Elaine for her dedicated service to the
country and to investors."
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